WTI crude oil futures jumped 3.72% Thursday to close at $94.62 per barrel after the Energy Information Administration reported an unexpected 9.13 million barrel draw in U.S. crude inventories — far exceeding analysts' expectations for a modest 154,000 barrel build.
The surprise draw marks the second consecutive week of declining U.S. inventories, reinforcing signals of tightening supply as refineries ramp up for summer driving season and Middle East supply remains constrained.
Brent crude rose 4% in sympathy. The Brent-WTI spread remained wide at historical levels, reflecting the ongoing impact of Strait of Hormuz disruption on seaborne crude flows versus landlocked U.S. inventories.
RBOB gasoline futures rose 3.08%, suggesting the crude rally will flow through to pump prices in coming weeks, though the AAA national average actually fell 7 cents this week as earlier price declines catch up.